5 Penny Stocks To Buy in May

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1. Clover Health Investments, Corp. (NASDAQ:CLOV)

Number of Hedge Fund Holders: 17

Share Price as of May 6: $2.69

Clover Health Investments, Corp (NASDAQ:CLOV) is an American healthcare company that provides Medicare Advantage insurance plans and operates as a direct contracting entity with the U.S. government. This January, Clover Health Investments, Corp (NASDAQ:CLOV) announced that the company saw a 25% growth in Medicare Advantage memberships in 2022, as compared to the same time in 2021, outpacing the overall industry median growth rate of 10% year-over-year. The stock is gaining the attention of expert analysts and elite hedge funds and is bound to explode any time in the near term, making it a must-buy penny stock in May.

On February 23, Clover Health Investments, Corp (NASDAQ:CLOV) released its earnings for the fiscal fourth quarter of 2021 in which it outperformed revenue estimates. The company saw its quarterly revenues surge more than 159% year over year, hitting $432.04 million and beating estimates by $23.90 million. Shortly after, Canaccord analyst Richard Close raised his price target on Clover Health Investments, Corp (NASDAQ:CLOV) to $7 from $6 and reiterated a Buy rating on the shares.

Insider Monkey found 17 hedge funds long Clover Health Investments, Corp (NASDAQ:CLOV) at the end of the fourth quarter of 2021, up from 12 positions in the preceding quarter. The total stakes of these funds were valued at $148.08 million. Of these Greenoaks Capital was the dominating stakeholder in the company having stakes worth $92.4 million.

You can also take a look at 10 Best Penny Stocks To Buy Now and 10 Popular Penny Stocks on Robinhood.

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